Trans-Tasman Insolvency Act about to come into force
Published: 08.07.2008
The Insolvency (Cross-border) Act 2006 will come into effect in New Zealand on 24 July 2008.
This Act provides an effective mechanism to deal with trans-Tasman insolvencies.
The Act implements the Model Law on Cross-Border Insolvency adopted by the United Nations Commission on International Trade Law. The
Australian government has similarly adopted this model in its Cross-Border Insolvency Act 2008, which came into effect on 1 July 2008.
With both countries now giving effect to the UNCITRAL Model Law in July, the framework is now in place to help increase the efficiency, effectiveness and equity of trans-Tasman insolvency proceedings.
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